Uber confirms Careem acquisition for $3.1bn

In a joint statement issued earlier this morning, Uber has said that it will acquire its Dubai-based rival Careem for $3.1bn.Uber will pay $1.4bn in cash and the remaining in convertible notes for Careem which can then be converted into Uber shares. This is Uber’s priciest acquisition ever. The deal is expected to close in the first quarter of 2020 subject to regulatory approvals from the 15 countries where Careem operates.